Pre-amendment reassessment limitation bars late notices under the preserved regime, invalidating consequential reassessment for affected earlier asses...
Cash-sales explanations for bank deposits require documentary reconciliation; reassessment notice survived where effective response time was available...
Functional comparability in transfer pricing prevents ad hoc arm's length adjustments where functions, assets, risks and reliable comparables are unes...
Contingency expenses, exempt-income disallowance, and royalty benchmarking: unsupported adjustments were deleted under consistent accounting and trans...
CESTAT adjudicated a smuggling case involving gold and currency. The tribunal partially allowed the appeal, holding that certain gold ornaments and one gold bar were not liable for confiscation due to discharged burden of proof under Section 123 of Customs Act. However, 26 gold biscuits were confiscated for lack of legitimate purchase documentation. The seized Indian currency of Rs.1,88,00,800 was ordered to be released. Penalties against two individuals were reduced to Rs.5,00,000 and Rs.2,00,000, while the penalty against the third individual was completely set aside. The appeals were disposed of with these specific directions.
CESTAT adjudicated a smuggling case involving gold and currency. The tribunal partially allowed the appeal, holding that certain gold ornaments and one gold bar were not liable for confiscation due to discharged burden of proof under Section 123 of Customs Act. However, 26 gold biscuits were confiscated for lack of legitimate purchase documentation. The seized Indian currency of Rs.1,88,00,800 was ordered to be released. Penalties against two individuals were reduced to Rs.5,00,000 and Rs.2,00,000, while the penalty against the third individual was completely set aside. The appeals were disposed of with these specific directions.
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TaxTMI 
TaxTMI 
of 4918 
